China is voting its views on America's economy with its own pocketbook as the Chinese are starting to invest more in Europe and Japan and less in the U.S.

Yu Yongding, former advisor to the People's Bank of China, told Bloomberg News that his country has been buying "quite a lot" of European bonds.

"Diversification should be a basic principle," Yu said.

China's position could make it harder for the dollar to come back on the international markets.

A Chinese government economist also reported last week that China is buying Japanese government debt rather than U.S bonds because they believe it's a safer investment.